Computacenter PLC Interim Management Statement (3721F)
24 4월 2014 - 3:00PM
UK Regulatory
TIDMCCC
RNS Number : 3721F
Computacenter PLC
24 April 2014
Computacenter plc
Interim Management Statement
24 April 2014
Computacenter plc ("Computacenter" or the "Group"), the provider
of IT infrastructure services, today publishes its Interim
Management Statement covering the period from 1 January 2014 to
date. Figures below are based on unaudited financial information
for the first quarter.
Financial Performance
Revenue for the first quarter, on an as reported basis increased
by 8% to GBP745.1 million (2013: GBP691.9 million). In constant
currency, this represented an overall increase of 9%, with Group
Services revenue growing by 4% and Group Supply Chain revenue
growing by 12%.
UK
We had a particularly strong first quarter in the UK with
overall revenue growing 20% to GBP350.4 million (2013: GBP292.7
million). Supply Chain revenue increased by 27% to GBP233.3 million
(2013: GBP183.8 million), with Services revenue continuing the
trend of the last few years and growing at 8% to GBP117.2 million
(2013: GBP108.8 million). While some of the Supply Chain revenue
growth is attributable to the recent Microsoft operating system
changes, this certainly does not account for all of the growth that
has taken place. We currently have the strongest Professional
Services order backlog in the history of our UK business, and we
have a number of very significant Contractual Services bids that
are expected to reach a conclusion over the next few months.
Germany
Total revenue in our German business declined by 2% in constant
currency to GBP267.7 million (2013: GBP272.9 million), with
Services revenue growing by 2% and Supply Chain revenue declining
by 4%. We are pleased that our Services business is showing some
signs of growth, albeit currently at a modest level. We are
encouraged by the pipeline of new Services opportunities, which
gives us the opportunity to increase the growth rate in the second
half of the year. The onerous contracts in Germany continue to
perform in line with the provisions previously set out last
year.
France
Revenue in France increased by 10% in constant currency to
GBP114.7 million (2013: GBP104.3 million), with Supply Chain
revenue growing by 13% and Services revenue declining by 5%. As we
have previously explained, there is much work to be done by our
French business to improve its performance. We are pleased with the
revenue growth in Supply Chain and see this as clear evidence that
we are recovering from the systems issues experienced last year.
However, this revenue growth has come from the lowest margin areas
of our business and, as such, is not delivering a material
improvement to the bottom line. Although the decline in Services
revenue was not unexpected, it remains disappointing and continues
to highlight a need for the business to reduce its central costs to
an appropriate level.
Therefore, in order to improve the long-term profitability of
our French business and ensure that it remains competitive, we will
continue to reduce our cost base through the use of our improved
systems, and additionally through our Group Operating Model. This
is likely to create an exceptional restructuring charge this year,
which we currently anticipate will total between GBP7 million and
GBP9 million.
Financial Position
At the end of Q1 2014, net cash excluding Customer Specific
Financing (CSF) was approximately GBP45 million. This compares to
approximately GBP23 million at the end of Q1 2013, once the GBP75
million return of value to shareholders in 2013 is excluded. This
again demonstrates Computacenter's ability to generate cash even at
a time when it is experiencing substantial growth.
Group Outlook
We believe 2014 will be a year of progress for Computacenter.
Trading in the UK has been encouraging and Germany is stable.
However, it is clear that the Group continues to be held back by
the performance in France.
Our focus for the rest of the year is to maintain the strong
performance in the UK that we have been achieving for some time
now, to realise some substantial Services wins in Germany and to
ensure that our French business establishes a stable platform for
growth in the medium term. Whilst there remains a significant
amount of work to be done, the overall performance of the Group in
2014 to date gives us confidence in meeting our expectations for
the full year, and for achieving further progress in the years
ahead.
Our next scheduled trading update will be the pre-close briefing
prior to our Interim Results, which is scheduled for 17 July
2014.
Enquiries
Computacenter plc
Mike Norris, Chief Executive 01707 631601
Tony Conophy, Finance Director 01707 631515
Tulchan Communications 020 7353 4200
James Macey White
Christian Cowley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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